EOS Preferred Corp Series D Pfd (fka EOSPN)

[h_man_investor]

There are no buyers of the preferred?

Seriously, nothing has fundamentally changed accept that the OCC is now the regulator instead of the OTS. It's frustrating because the OTS basically said that they don't need approval going forward in their last dividend approval. So you are back to square one with the OCC who can't seem to get their act together. They are too busy denying MetLife's div increase and JPMs stock buyback requests.

IMO, it's all but guaranteed that a 4q div will be declared to maintain the REIT status.

Whether they sell the bank or not is not too important. There are no branches- just brokered CD deposits. So not a ton of value of the bank. They will just liquidate. Aurora Loan Services which is the mortgage servicing arm was just put on the block in August by DB. It was announced on Monday that MS sold their servicer after GA sold theirs. so there is an active market for that asset- although it's likely to be sold for little ($30-60mm).

At the rate things have been going there is the risk that the 5/30/12 sale/liquidation date could be extended. As long as they pay a div it doesn't really bother me!